In today’s news, support for Measure 26-179 is widespread, corporate tax avoidance makes the headlines and Bud Pierce continues to face backlash over debate comment.
1. Developers sign on to affordable housing bond
Unlike Measure 97, which has split the business community, Measure 26-179 has garnered widespread private sector support. The measure proposes a $258.4 million bond to fund 1,300 affordable housing units. The cost to homeowners is about $75 per year. The Portland Business Journal reports groups like Oregon LOCUS and the Portland Business Alliance have signed on.
2. Trump not alone in taking advantage of tax loopholes
The New York Times reports 73% of the Fortune 500 companies maintain offshore tax havens. Nike, for example, keeps $10.7 billion offshore. The company would have paid $3.6 billion had the money stayed in the U.S. If companies paid taxes on offshore accounts, the government would have received nearly $718 billion. The federal deficit last year was $438 billion.
3. Bud Pierce backlash continues
The GOP gubernatorial nominee has apologized for his comments during last week’s City Club debate suggesting successful women are safe from sexual violence. The candidate’s press secretary, Stacey Kafka, left the campaign because of his comments, according to the Portland Tribune. Kafka said she was “greatly offended.”
4. Bees now federally protected
Thanks to the work of Portland’s Xerces Society, the first bees are on the engendered species list. Seven yellow-faced bee species — native to Hawaii — received approval Friday. The rusty-patched bumble bee is still being considered for the list, the Oregonian reports.
5. Lebanon company is heading to Asia
Entek, a company that produces lead acid battery separators, is looking East for new business. The Lebanon-based manufacturer’s product is widely used in car batteries. The Gazette-Times reports Entek plans to expand in Asia where many of the largest automobile manufacturers are located.
6. Cabela’s joins Bass Pro Shops
The outdoor retailer giant Bass Pro is purchasing its rival outdoor retailer for $5.5 billion. The purchase will nearly double the number of Bass Pro shops. The Oregonian reports the deal should close early next year.
7. Portland’s Digital Trends snags $10 million
The company reviews tech gadgets for tech geeks but are not directly in the tech world. The line of credit from Chase will fund a digital expansion in video — although the company already produces 40-50 videos per week, The Portland Business Journal reports. Digital Trends now has offices in Portland, New York, San Francisco, Los Angeles, Detroit and Chicago. The company has increased its revenue by 65% this year.
8. Q & A with the vice president of the new OSU-Cascades campus
Becky Johnson discusses business and education partnerships, the university’s economic impact and whether the campus will function as the state’s eighth public university.